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Why is the price action in gold today so important?
*Jim Sinclair's MineSet, by James Sinclair, October 30, 2006
“Gold broke out of the down trend from December $680 at a high of $613.30 with oil slowly declining.”
“The implication of gold taking out the down trend line is a potential new high.”
“The price of gold in December forward will go above the $612.30 soon, putting $682 into play. That accomplishment will put the mid 700s into play. All this is meaningless news because gold is headed to $1650 and will enter the four figures before any meaningful reaction starts. A close above $612.30 is a signal as important as the break out above $524.40 and $529.40 was.”
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.